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November core sector output at five-month high of 6.7%

The core sector index, which has a weight of 38% in the Index of Industrial Production (IIP) grew at 6.7% in November compared to the previous year. The index had grown at 6.3% in October. Growth for the entire financial year so far (April-November), has been 4.6%.

Coal production, which has a weight of 4.3% in the index, grew at 14.5%, the second straight month of double digit growth, indicating a pickup in the mining sector after being engulfed in legal and regulatory hurdles.

Electricity production also witnessed double digit growth for the second consecutive month, growing at 10.2% in November.

Cement and Steel, sectors considered vital for growth of the construction sector showed mixed signs. The former grew at 11.3% after contracting the previous month, while the latter slowed down further to 1.3%.

Natural gas continued to contract, although the pace of contraction has slowed down. After contracting by 9% in July this year, the pace of contraction has slowed down to 2.9% in November.

Crude oil and fertilisers contracted by 0.1 and 2.8% respectively, while refinery products grew for the second straight month at 8.1%.

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